Redmile Group LLC Purchases 4,499,124 Shares of Annexon, Inc. $ANNX

Redmile Group LLC grew its position in Annexon, Inc. (NASDAQ:ANNX) by 44.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,549,768 shares of the company’s stock after buying an additional 4,499,124 shares during the period. Annexon accounts for approximately 5.3% of Redmile Group LLC’s investment portfolio, making the stock its 6th largest position. Redmile Group LLC owned 0.09% of Annexon worth $80,606,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ANNX. Wealth Enhancement Advisory Services LLC raised its position in shares of Annexon by 13.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 19,553 shares of the company’s stock valued at $100,000 after buying an additional 2,348 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in Annexon by 65.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,033 shares of the company’s stock worth $35,000 after acquiring an additional 2,785 shares during the period. Susquehanna Portfolio Strategies LLC increased its stake in Annexon by 0.8% during the fourth quarter. Susquehanna Portfolio Strategies LLC now owns 356,619 shares of the company’s stock worth $1,790,000 after acquiring an additional 2,875 shares during the last quarter. ProShare Advisors LLC raised its position in Annexon by 21.7% in the fourth quarter. ProShare Advisors LLC now owns 24,698 shares of the company’s stock valued at $124,000 after purchasing an additional 4,410 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in Annexon by 3.6% in the first quarter. The Manufacturers Life Insurance Company now owns 134,786 shares of the company’s stock valued at $747,000 after purchasing an additional 4,684 shares during the period.

Annexon Stock Down 3.1%

NASDAQ:ANNX opened at $4.97 on Wednesday. The stock’s fifty day moving average is $5.37 and its two-hundred day moving average is $5.59. Annexon, Inc. has a 52 week low of $2.03 and a 52 week high of $7.18. The stock has a market capitalization of $814.28 million, a price-to-earnings ratio of -4.07 and a beta of 1.16.

Annexon (NASDAQ:ANNX) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.07. On average, sell-side analysts expect that Annexon, Inc. will post -0.92 EPS for the current fiscal year.

Insider Activity

In other news, Director Muneer A. Satter bought 613,497 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was bought at an average cost of $5.41 per share, for a total transaction of $3,319,018.77. Following the acquisition, the director directly owned 10,342,134 shares of the company’s stock, valued at $55,950,944.94. The trade was a 6.31% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William H. Carson bought 8,000 shares of the company’s stock in a transaction on Monday, May 11th. The stock was purchased at an average cost of $5.78 per share, with a total value of $46,240.00. Following the completion of the transaction, the director owned 78,405 shares in the company, valued at $453,180.90. This represents a 11.36% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.31% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ANNX. Citizens Jmp started coverage on Annexon in a report on Tuesday, July 21st. They set a “market underperform” rating and a $3.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating on shares of Annexon in a report on Monday, July 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Annexon in a research report on Friday, July 17th. Wall Street Zen lowered shares of Annexon from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. Finally, Citigroup initiated coverage on shares of Annexon in a research report on Tuesday, July 21st. They set a “market underperform” rating for the company. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $15.33.

About Annexon

Annexon Inc is a clinical-stage biotechnology company focused on the discovery and development of complement-targeted therapies for patients with neurodegenerative and neuroimmune diseases. The company’s research platform centers on the inhibition of the C1 complex, a key initiator of the classical complement pathway implicated in several rare and life-threatening disorders. By selectively targeting upstream complement activation, Annexon aims to prevent the aberrant immune-mediated damage that characterizes conditions such as Guillain-Barré syndrome (GBS) and autoimmune neuropathies.

At the core of Annexon’s pipeline is ANX005, a humanized monoclonal antibody directed against the C1q subcomponent, currently in Phase 2 clinical trials for acute GBS and chronic neurodegenerative indications.